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The condition of a property is generally a secondary factor when wholesaling homes.
That is always true because real estate is all about location, location... LOCATION!
If it’s a vacant lot, a condo, a house, a mansion or whatever it may be,
The location and everything within a 1 mile radius is the determinant factor in the value.
Every seller is more motivated by one of these 2 things than the other.
1. Time or
2. Money
Sometimes, it can be blurry.
In that case, you will have to help your seller prospect towards a dominant motivation by asking quality questions.
Ideally, you want the seller to be motivated by time in order to get a deep discount that will make it quality for what we do in wholesaling homes.
Let me explain.
When a seller is short on time, they need to sell the property fast.
They need it done as soon as possible.
That motivation is different from a seller who wants as much money as possible.
So let’s recap.
(1) Time Motivation - As soon as possible
(2) Money Motivation - As much as possible
You can help either of these two types of sellers in different ways but provided you identify either one as soon as possible.
Below is a question for us to address with this lesson...
“I need some help.
I have a potential deal but the house was caught in a fire so it’s burned badly.
So I just got off the phone with the seller and gave him a ballpark offer of $60,000.
He wants $120,000 but I got him down to $100,000 so far.
I need him to go lower.
He told me to take my time and give him a real offer so that’s what I’m trying to do.
ARV is $245,000 roughly.
I’m still working out those numbers.
My wholesale fee is $5,000 - $7,000.
What’s your opinion on how much to offer?”
Enjoy the video.
https://myempirepro.com/blog/wholesaling-homes
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ABOUT YOUR HOST ::::|
Ola "Tux" Abitogun is the Creator of myEmpirePRO and author of Smart Real Estate Wholesaling. He became a FULL TIME entrepreneur in October 2006.
He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.
Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and a father. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their careers.
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